Real estate – remember real estate?

A little bit of activity reported.

69 Rockwood Lane

69 Rockwood Lane

Sales: 69 Rockwood, $6.050 million, 7 Old Kings Highway, $880,000, so that pretty much spans the spectrum. 69 Rockwood is new construction, on the market for 549 days, started at $7.250 back in April, 2011. The builders contracted to pay $2.729 million for the land back in April 2008 and apparently had second thoughts after the market crashed that summer but closed anyway in October 2008. They then tried flipping it the following January but asked $3.495 for what they’s just bought and no one shared their sense of increased value. So they did what builders are supposed to do: they built. I’m not a big fan of expensive houses on rocky bits of land, but someone obviously is, so now it’s sold and despite not getting what they’d hoped for, $6 million is bound to make its builders happy. Good for them – nice house.

7 Old Kings Highway was another surprise, to me. I didn’t much like it at $865,000 but obviously at least two buyers did and one of them bid its price up to $880,000. That’s testimony both to the dearth of inventory in this price range and the importance of individual taste – one man’s meat, and all that.

 

450 North Street

450 North Street

450 North Street, that failed spec house across from St. Mary that was foreclosed on by Patriot Bank some years ago reports an accepted offer. The builder tried getting $6.899 for it in 2009 which was obviously the wrong price at the wrong time. Patriot sold its loan, along with others, to Summit Development last year and they finished the house (including redoing floors after pipes burst) and put it back up for sale in June, 2012 for $4.195. Whoever has now purchased Summit’s properties repriced it at $4.195, and that seems to have done the trick. Nice construction, location is marginal, in my opinion, because of the noise. But perhaps the sales price includes custom shooters’ muffs for the entire family.

14 Buckingham

14 Buckingham

14 Buckingham Lane, quite close to 450 North, is a short sale, and now has an executed contract. Asking price was $1.195, which seems like a great deal for this completely renovated ranch. Owners paid $1.250 for it in 2007 and then put a lot of money into those renovations. They asked $1.649 for it in 2008, didn’t get it and so the bank did. It had an accepted offer for $1.350 back in January but like so many short sales, that deal fell through, so it came back on at this lower price. The buyers will do well on this one, I think.

18 Comments

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18 responses to “Real estate – remember real estate?

  1. Linda in Poughkeepsie

    Regarding 69 Rockwood don’t people who buy houses for that price want a garage on the side or the back of the house? This would have been a property to show Walt based on the address alone.

  2. Guest

    Rockwood is a great street. Close to town, quiet, many properties on 3 acres. Not that I like the house but the location and outside are beautiful.

    • I agree, guest. My beef with Rockwood is that so much of the land is, at best, marginal. Which is surprising because it was one of the earlier Rockefeller purchases when, presumably, there was better land still available. But the location offers a nice compromise between proximity to town and privacy, and the neighborhood is reported to be quite friendly, a state of affairs that is probably due to the decision by father in 1954 to move what became a family of five kids into Riverside after first buying a building lot here. Rockwood folks don’t know how close they came to disaster.

  3. Anonymous

    You never responded to my previous comment re 7 Old Kings Hwy., but it looks as if my feelings about living on this street are shared by others. Again, I suggest you at least view these listings before commenting on them.

  4. Anonymous

    Younger folks like the garage like that because they use it. I think the house looks great. There is a huge flat back yard, doesn’t seem like a challenged lot to me, just some wetlands in the front.

  5. Anonymous

    Terrific family street……kids, bikes, dogs, walkers, runners, etc. Prime mid-country location….and pretty house with big flat backyard…what is NOT to like??

  6. Anonymous

    14 buckingham was nice pad. just outta our price range and short sales a nightmare so we passed.

  7. Guest

    I did not like buckingham because it backed on what appeared to be the road to the cemetery. Also there is noise so close to North Street. I didn’t even look at it. The selling price has got to be much less than asking.

    There is another property a little ways up North Street (on a lot that slopes down from the street) that has vascilated between $800,000 and $1,200,000. They could not sell at the lower price so they raised it.

    Both are really land sales and this type of land despite the good area would be heavily discounted because of noise, cemetery in case of Buckingham and terrible slope in the case of the other property.

    • I disagree, Guest – hard as it may be to believe, lots of people are looking for a $1.2 million house they can live in, and Buckingham meets that need. Graveyards down the road are an issue for some people, a non-issue for others. If I had to guess, I’d say graveyards trouble about 1/4 of homebuyers.

  8. Guest

    On the Rockwood place, you get privacy and beauty. No one actually uses more than a fraction of an acre anyway. The rest is to look at and enjoy. From the outside the house is pretty and it fits the lot.

    I think the house is out of character with the street though and too big for that street. Rockwood has beautiful and charming 1950s houses -mostly not that big, but surely roomy enough for a family of 5 or 6.

    It really would be great to live on Rockwood. It has been my dream street since I moved to Greenwich many years ago. My house has a giant capital gains tax attached to moving (I moved here long ago), so the dream move to Rockwood is not happening.

  9. Guest

    Part of the traffic jam in houses (and what keeps Buckingham out of the price range of the commenter above) is the capital gains tax. Around here, if you bought a long time ago, you can’t sell economically. Of course it is always possible to rent the house, which is more economical than selling if you have a low tax basis in the house. The catch is the stepped up basis at death so hold till you die and rent if you don’t need it makes the most economic sense. At least one long time house on my street is empty. An older person who does not live there, and the family refuses to sell – now. They are not renting either, for reasons hard to explain.

  10. anonymous

    New buyer of Rockwood is the heir to one of the great American robber baron fortunes. Maybe if he’d had to earn the dough, and was worried about resale, he might have considered the sore thumb garages, swampy land, trailer park neighbors and charmless builder interiors. Obviously others less fortunate did – the place sat on the market for 542 days.

  11. Anonymous

    @ anonymous 11:01 AM. That is a weird comment. Trailer park neighbors? You made me laugh.

  12. Guest

    The houses on Rockwood are 1950s vintage. Some people may think they are tacky. I like them. There are long ranches with a colonial portion at one end, large colonial ranches converted to capes, a small cape added to on the back, 1950s colonials and so on. Altogether, the land is gorgeous and the feel great. One of the best streets in mid-country, if not the best.

  13. Anonymous

    Rockwood is a great street, despite some rocks. Trailer park guy is perhaps jealous.